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Federal Reserve Bank of Richmond Reviews
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    Federal Reserve Bank of Richmond Reviews

    Updated June 18, 2017
    68 reviews

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    Full-timePart-time
    3.5
    StarStarStarStarStar
    Rating TrendsRating Trends
    Recommend to a friend
    Approve of CEO
    Federal Reserve Bank of Richmond Interim President and Chief Operating Officer Mark Mullinix
    Mark Mullinix
    1 Rating

    68 Employee Reviews

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    Pros
    Cons

    • Not innovative due to a lot of "process" requirements and red tape (in 5 reviews)

    • However, the work / life balance is getting better and better due to the leveraging of telecommunications (in 3 reviews)

    More Pros and Cons

    1. "Great Organization depending on department"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - Senior Law Enforcement Officer in Richmond, VA
      Former Employee - Senior Law Enforcement Officer in Richmond, VA
      Approves of CEO

      I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

      Pros

      The Federal Reserve Bank has the best benefits on the market. The pay is excellent and they use the best technology.

      Cons

      Law Enforcement Unit - The management does not listen to their employees. They pretend to listen but never prevail. The scheduling is horrible and they always staff on the minimum level. They do not care about you as individual. If you are sick or hurt you are made to feel you have to be there or be scared you are going to lose your job.

    2. "Senior Project Manager"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - Senior Project Manager in Richmond, VA
      Former Employee - Senior Project Manager in Richmond, VA
      Recommends
      Positive Outlook
      No opinion of CEO

      I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

      Pros

      Health, pension and retirement benefits are outstanding - generally superior to other employers in the area

      Cons

      Bureaucracy (established processes and procedures) can be frustrating for moving initiatives forward

      Advice to Management

      Employees tend to remain for long periods of time - this can lead to skill set shortages upon employee turnover.

      3. Join the Federal Reserve Bank of Richmond team
      See Our Latest Jobs

    3. "Great place for stability and longevity"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Current Employee - IT Lead in Dallas, TX
      Current Employee - IT Lead in Dallas, TX
      Recommends
      Positive Outlook
      No opinion of CEO

      I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

      Pros

      Great benefits, flexible work options, competitive compensation, wide variety of technical career options, flexible geographical options in the National IT organization centered in Richmond

      Cons

      Slow technology adoption rate, aging workforce, old-school management, National IT organization in transition to a Plan, Build, Run.

      Advice to Management

      Finish the process transition to PBR in National IT. Get better feedback on the district's adoption of the new National IT infrastructure strategy.

    4. "Good work"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Current Employee - Senior Bank Examiner in Richmond, VA
      Current Employee - Senior Bank Examiner in Richmond, VA
      Positive Outlook
      Approves of CEO

      I have been working at Federal Reserve Bank of Richmond full-time (More than 10 years)

      Pros

      Challenging, Professional, Work/Life Balance, Rewarding

      Cons

      Bureaucratic, Travel, Repetitive, limited management opportunity

    5. "A great place to work"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - Anonymous Employee
      Former Employee - Anonymous Employee
      Recommends
      Positive Outlook
      Approves of CEO

      I worked at Federal Reserve Bank of Richmond full-time

      Pros

      Intelligent and fun people to work with,
      Strong work life balance,
      Great benefits

      Cons

      Not incredibly competitive pay scale for non-managerial roles,
      Red tape and slow processes,
      A few years behind in analytic tools

      Advice to Management

      Try to open up more to innovative ideas and approaches to problems

    6. "Lead Auditor"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Current Employee - Lead Auditor in Richmond, VA
      Current Employee - Lead Auditor in Richmond, VA
      Recommends
      Positive Outlook
      Approves of CEO

      I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

      Pros

      Work life balance, Competitive benefits, Diversity in work and workforce

      Cons

      Lots of layers of management

    7. Helpful (1)

      "Can do better"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Current Employee - Anonymous Employee
      Current Employee - Anonymous Employee
      Doesn't Recommend
      Neutral Outlook
      Approves of CEO

      I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

      Pros

      Good health insurance and education reimbursement benefits
      Most of the staff are professional and knowledgable
      Flexible telework policies

      Cons

      Salary and promotion inequities exists in many departments
      Unless hired in a senior level or managerial role, there is a "do your time" mentality that limits promotional growth for individuals in the 1-10 years of service range; manager and senior manager roles lack racial and cultural diversity
      Management staff seem to have littel training on how to coach and develop others, many mistake a "do as I say" and "don't ask questions" style for leadership

      Advice to Management

      Consider 360 reviews or surveys to assess organizational performance
      Consider assessing salaries against current scales and contributions

    8. "Cash Statistical Analyst"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - Cash Statistical Analyst in Baltimore, MD
      Former Employee - Cash Statistical Analyst in Baltimore, MD
      Recommends
      Positive Outlook
      Approves of CEO

      I worked at Federal Reserve Bank of Richmond full-time (More than 10 years)

      Pros

      Good place to work, benefits, life and work balance.

      Cons

      Ability to move upward is hard because of long term management.

      Advice to Management

      Create more options for advancement for staff.

    9. Helpful (3)

      "ok could use more work"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - Anonymous Employee in Richmond, VA
      Former Employee - Anonymous Employee in Richmond, VA
      Doesn't Recommend
      Positive Outlook
      Approves of CEO

      I worked at Federal Reserve Bank of Richmond full-time

      Pros

      work is heavy loaded, always stuff that needs to be done and it feels like you can never catch up, so good in the sense that you will always have a job if you enjoy the idea of playing catch up constantly with the combination of constant churn.

      Cons

      heavy politics and not enough objectivity (if you can talk the talk and just do a mediocre job you're set for life), too much turnover due to the churn as a result of the workload in certain areas, monetary compensation is short in certain areas (benefits offset it somewhat if you're in this organization for the long haul) as a result of the amount of workload when you factor in overtime and utility per person in certain areas, no opportunities to advance in certain areas.

      Advice to Management

      for certain areas-need a more stable environment, work needs to be better balanced around, management needs to support the staff by listening to them. Promotions need to be objective and less on favoritism-management needs to do their due diligence. Diversity is also an issue in the executive management arena from a racial standpoint.

    10. Helpful (1)

      "Great benefits, but culture lacking (Supervision & Regulation department)"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Current Employee - Anonymous Employee in Richmond, VA
      Current Employee - Anonymous Employee in Richmond, VA
      Doesn't Recommend
      Neutral Outlook
      Approves of CEO

      I have been working at Federal Reserve Bank of Richmond full-time (More than a year)

      Pros

      Superior compensation and benefits
      Great work/life balance, ample time away
      Meaningful company mission

      Cons

      Highly political culture; "you vs. me" mentality rather than a collaborative mentality
      Extremely slow to change and adapt, held back by cultural norms and regulations
      Slow or non-existent career growth
      People aren't consistently held accountable for business results, customer service, and teamwork

      Advice to Management

      Learn to trust and empower your staff. Don't claim you're a meritocracy if you have minimum tenure expectations before considering promotions. Customer service and teamwork need to be core competencies expected at every level, and hold people accountable to them. Stop allowing groups to develop false empires that are unwilling to collaborate at the detriment of the company.

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